ABN AMRO recently signed a long-term agreement to use ADP/OMRâs ASP solution for their treasury processing in North America, long handled through a licensing agreement. Michael Geslak, Chief Administrative Office of Wholesale Clients North America said, "The decision to continue using ADP/OMR was driven by the recent technology innovations of TradeThruTM. ADP's variable cost model enables us to reduce our cost in a down market while providing the flexibility to expand volume in a growing market without additional capital investment. We believe our long-term partnership with ADP enhances our ability to be competitive in all business environments and their depth and breadth of product solutions can help us meet our businessâs goals."
TradeThru is a multi-product, multi-entity, and multi-currency straight through trade processing solution for treasury and derivatives products. The system delivers fully automated front to back office functions within a state-of-the art technology platform. XML formatted messaging is employed along with an Oracle database and a web-enabled Java front end. The application is volume insensitive and fully customizable with an open API structure for interfacing.
ABN AMRO currently processes a high volume of foreign exchange and money market transactions with a license version of the software. The new service bureau environment enables them to take advantage of scaleable volume-based costs while maintaining the highest standards of transaction processing.
"We are very excited about the competitive advantages that this solution brings to ABN AMRO and that they responded with a long-term continuing partnership," said Vinny Lisanti, chief operating officer of ADP/OMR.
In addition, ICI/ADP will continue to provide high-quality fixed-income processing to ABN AMRO as they have for several years. During the long-term contract, ABN AMRO will benefit from ICI/ADPâs industry leading impact platform, which is a premier fixed-income middle and back-office trade processing and financing system.
ADP and ABN AMRO are truly business partners. ADPâs Investor Communication Services division provides proxy processing, prospectus delivery, and reorg notification for ABN AMRO.